63-29A: Ocean Marine Profits Tax Return (2025)
Massachusetts · Massachusetts DOR · Used for tax years 2025
Massachusetts Form 63-29A is the Ocean Marine Profits Tax Return for calendar year 2025. It reports marine insurance underwriting profits and calculates the Massachusetts excise, credits, payments, and any balance due or overpayment. This return must be filed electronically; pape
What you'll need
Gather the information and supporting documents used on the return:
- Company details, including federal identification number, mailing address, treasurer’s name, and Massachusetts and worldwide employee counts.
- Records of marine premiums, unearned premiums, losses, expenses, reinsurance, and dividends paid or credited to policyholders for 2025.
- Net underwriting profit and U.S. and Massachusetts marine premium figures for 2025, 2024, and 2023, for the three-year calculations.
- A copy of federal Form 1120PC. State the underwriting gain and investment income that make up taxable income on line 30 of that return.
- The annual statement, page 14, for the required premium reconciliation, and the Insurance Expense Exhibit for checking ocean marine expenses.
- Records of estimated tax payments, extension payments, and any prior-year overpayment applied to this year.
If applicable, include the Credit Recapture Schedule and use the Credit Manager Schedule and Schedule 63-WH to report credits and corporate excise withheld.
How to file
File electronically. The form states that paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. See the DOR electronic filing and payment requirements for more information.
The return includes a declaration to be signed and dated by an appropriate corporate officer, along with signature and identifying-information fields for a paid preparer.
Common mistakes
- Sending a paper return: The form warns that electronic filing is required and paper returns will not be accepted.
- Counting a prior-year overpayment twice: Line 29 says not to include the amount already entered on line 28.
- Using line 31 on an original return: This line is only for payments with the original return when filing an amended return.
- Leaving an estimated federal tax amount unexplained: If the federal return has not yet been filed, state that line 6 of the Federal Income Tax Deduction Schedule is estimated. Submit Form 1120PC when available and recompute lines 6 through 8 if necessary.
- Skipping the expense check: Column a of the ocean marine expenses section should agree with the corresponding lines in the Insurance Expense Exhibit.
Questions people ask
What tax rate does the 2025 return use?
Line 21 applies a tax rate of 5.7% to the amount taxable on line 20. Credit recapture and credits are handled on later lines.
Why does the return ask for figures from three years?
The excise calculation averages net underwriting profit for 2025, 2024, and 2023. The Apportionment Schedule also uses marine net premiums for those three years to calculate the Massachusetts apportionment percentage.
What if the federal income tax return has not been filed yet?
State that line 6 of the Federal Income Tax Deduction Schedule is estimated. Submit a copy of Form 1120PC when available, along with a recomputation of lines 6 through 8 if necessary.
Can an overpayment be refunded or applied to next year?
Yes. Line 36 records the amount to credit to next year. Line 37 records the remaining overpayment to be refunded.
Can DOR discuss the return with my paid preparer?
The form has a box to fill in if DOR may discuss the return with the paid preparer.